“More importantly, the Petro has been created in an innovative manner, using the highest standards in block chain technology and information security, thinking of a future where electronic asset-representations will enable more direct trade as well as government work within the framework of true financial and economic independence.”

Petro is born and we are going to have a total success for the welfare of Venezuela

Nicolas Maduro, Venezuela President

The Venezuelan president said his country had received $735 million in the first day of pre-sale after selling off el Petro at a discounted rate to entice investors.

But Maduro did not give details about the initial investors and there was no evidence presented for his figure.

He added tourism, some gasoline sales and some oil transactions could soon be made in petro.

"Today, a cryptocurrency is being born that can take on Superman,” he boasted. An initial coin offering (ICO) will soon follow in a month’s time, creating the word’s first Ethereum-based sovereign cryptocurrency.

But the stability of the token remains under question, after Venezuela’s opposition-run Congress denounced the token as illegal earlier last month.

Legislator Jorge Millan blasted: "This is not a cryptocurrency, this is a forward sale of Venezuelan oil.”

But the token does have a chance to cause some ripples in the wider markets if it reaches a global audience.

Blockchain experts, however, have warned the petro is unlikely to attract significant investment.

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Petro Coin: The Venezuelan President pledged the token was backed by barrels of oil

Matthew Newton, Analyst at eToro, said: “The Venezuelan government is looking to take advantage of one of the key features of cryptocurrencies – decentralisation.

“Through ICOs, cryptocurrencies have shown that start-ups have been able to circumvent traditional finance and fundraising by reaching a global audience through technology and pitching their ideas directly.

“With Petro, we are witnessing this opportunism on a much grander scale, and the first of its kind.

Other sanctioned nations will be watching closely as Petro could set a precedent.”

How to buy el Petro coin

The el Petro website explains: “Once opened, your wallet will generate an email address that you can share with anyone who wants to transfer PTR to your wallet.

“You will be able to receive and deposit your PTRs in this e-mail address.

“If you wish to exchange your PTRs for another type of cryptoasset or fiduciary currency, you only need to access any of the electronic trading sites authorized by the Republic (for Bs/PTR operations) or any of the international exchanges that accept Petro.”